Five-Unit Mixed-Use
For Sale
$769,000
89 N San Gorgonio Ave, Banning, CA 92220
Freestanding downtown property combines commercial suites with a second-floor studio apartment and an adjoining excess lot.
Property Size3,600 SF
Days on Market50
Property Features for 89 N San Gorgonio Ave
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Building Details
Building Size
3,600 SF
Year Built
1964
Listing Agency:
Keller Williams Realty Redlands
Listed By:
Teri Alvarez · License #01498790
(909) 330-8123
Source:
Elliman
Added: Sep 16
Changed: Oct 25
Last Checked: Nov 3 at 5:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Redlands
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This freestanding mixed-use property contains 3,600 square feet configured as five individual units. The existing arrangement includes a street-facing candy shop, barber shop, engineering office, office or retail suite, and a second-floor studio apartment. One office or retail unit is vacant, while the remaining spaces reflect a combination of commercial and residential occupancy. The building was constructed in 1964.
An adjacent excess lot brings the combined site to 6,097 square feet, or 0.14 acres. The additional parcel includes drought-tolerant landscaping and a wall mural. The property is located within Banning’s established Downtown Commercial District and an Opportunity Zone, with civic, retail, dining, and service businesses in the surrounding area. Banning’s Downtown Revitalization and Complete Streets Plan addresses circulation, pedestrian connections, streetscape improvements, and downtown redevelopment.
An adjacent excess lot brings the combined site to 6,097 square feet, or 0.14 acres. The additional parcel includes drought-tolerant landscaping and a wall mural. The property is located within Banning’s established Downtown Commercial District and an Opportunity Zone, with civic, retail, dining, and service businesses in the surrounding area. Banning’s Downtown Revitalization and Complete Streets Plan addresses circulation, pedestrian connections, streetscape improvements, and downtown redevelopment.
Key Highlights
- 3,600‑square‑foot freestanding building configured into five individual units
- Combined 6,097‑square‑foot / 0.14‑acre site with adjacent excess lot
- Unit mix includes candy shop, barber shop, engineering office, office or retail suite, and studio apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,602
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,032,040
$1.0M
Cap Rate 7%
$737,171
$737.2K
Cap Rate 9%
$573,356
$573.4K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$77.8K $21.60/SF
− Vacancy
−$4.0K −$1.12/SF
EGI
$73.7K $20.48/SF
− OpEx
−$22.1K −$6.14/SF
NOI
$51.6K $14.33/SF
Area
Riverside County, CA
Vacancy
5.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,032,040
Cap Rate 7%
$737,171
Cap Rate 9%
$573,356
Alternative Uses
Best Use
Retail
$737.2K
$645.0K – $860.0K
NOI $51,602 @ 7.0% cap · market cap 6.71%
Second Best
Mixed Use
$476.4K
$416.8K – $555.8K
NOI $33,345 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$1.08M
$943.7K – $1.26M
NOI $75,495 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 92220, CA
32,947
Population
13,258
Households
2.5
Avg Household Size
43
Median Age
17%
College-Educated
82%
High-School Grad
141.3 sq mi
ZIP Area
233
Density / Sq Mi
$59,116
Median Household Income
$35,428
Median Earnings
$1,499
Median Rent
$324,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Freestanding downtown property combines commercial suites with a second-floor studio apartment and an adjoining excess lot.
Where is this mixed-use property located?
The property is located at 89 N San Gorgonio Ave Banning, CA.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: 3,600‑square‑foot freestanding building configured into five individual units; Combined 6,097‑square‑foot / 0.14‑acre site with adjacent excess lot; Unit mix includes candy shop, barber shop, engineering office, office or retail suite, and studio apartment
